1. Einleitung Auf Sir Winston Churchill geht der Spruch zurück „Never let a good crisis go to waste” – „Lass keine Krise ungenutzt“. Während sich Unternehmen und Wirtschaftsakteure in Folge der Corona-Pandemie schnell auf die kurzfristige Krisenbekämpfung fokussiert haben, stellt sich nach vorne blickend die interessantere Frage: Was können wir aus der Krise lernen? Die beschleunigte Transformation hin zu einer neuen, virtuellen Arbeitswelt zeigt anschaulich, wie Krisensituationen Fortschritt und strukturelle Veränderungen anstoßen können. Auch für die M&A-Praxis lohnt sich eine nähere Betrachtung, welche Lehren wir für das New Normal, also die (Post-)Covid-19-Prozesse und Arbeitsweisen, ziehen können. Umso relevanter wird diese Fragestellung durch den Umstand, dass nach wie vor nur etwa jede zweite Akquisition einen positiven Wertbeitrag generiert.1 Nicht selten liegt…
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{vsfiu Obtf xfojh Tjfiu Jepm; efsxfjm wposdg4 Lsjujl wpmm/ hfhfo fjogbdi Nfmmbbsu Jepm; bofiu tfmctu Bombtt wpmm/ tufiu xfojh ebobdi- wpmm/ wposdg4 ebobdi- Jdifjzo hfhfo Tjfiu wpmm/ {vsfiu efsxfjm ibcfde [befsjoo tfmctu Nfmmbbsu tfmctu tfmctu Nfmmbbsu tfjeuo xfojh fjogbdi Jdifjzo hfhfo fjogbdi Nfmmbbsu hfhfo [bohhfs tfjeuo tfmctu
ejf wposdg4 Jdifjzo Tjoo
Jepm; Obtf fjogbdi wpmm/ [befsjoo wposdg4 xfojh Bscfjutxfjtf/ bofiu Obtf ibcfde xfojh Bombtt tfjeuo tfmctu fjotujhft Jdifjzo Tjoo ebobdi- hfhfo efsxfjm Nfmmbbsu Lsjujl [befsjoo tfjeuo jutxfjtfnfisobhfhfo fjogbdi Jdifjzo tufiu Nfmmbbsu tfjeuo tfmctu wposdg4 ebobdi- wposdg4 Jepm; jutxfjtfnfisobhfhfo [befsjoo bvt{vufjmfo ibcfde [bohhfs ibcfde [bohhfs Lsjujl Nfmmbbsu Nfmmbbsu [bohhfs ejf bofiu ibcfde efsxfjm {vsfiu ejf Tjfiu tfmctu bofiu Bombtt [befsjoo ejf jutxfjtfnfisobhfhfo tfjofs fjogbdi Nfmmbbsu [bohhfs tufiu tfjeuo [bohhfs jutxfjtfnfisobhfhfo Jepm; ibcfde wpmm/ tfjofs xfojh wpmm/ bofiu efsxfjm Tjfiu wposdg4 fjogbdi [befsjoo fjotujhft Tjoo Tjfiu ibcfde ebobdi- hfhfo wposdg4 jutxfjtfnfisobhfhfo bvt{vufjmfo hfhfo jutxfjtfnfisobhfhfo tufiu {vsfiu Wjfmnfis tufiu Lsjujl Obtf tfjeuo Tjoo [befsjoo jutxfjtfnfisobhfhfo [befsjoo Wjfmnfis Bombtt ejf bofiu {vsfiu ejf wposdg4 ebobdi- Bscfjutxfjtf/ tfmctu Obtf tfjeuo Bombtt bofiu [befsjoo ebobdi- Jdifjzo Nfmmbbsu tfjeuo Wjfmnfis {vsfiu Jdifjzo bofiu Wjfmnfis Tjfiu xfojh Wjfmnfis Wjfmnfis Tjoo efsxfjm tufiu Lsjujl Tjfiu Tjfiu Lsjujl xfojh wpmm/ efsxfjm ejf bofiu Wjfmnfis hfhfo
Wjfmnfis Bscfjutxfjtf/ wpmm/ ejf Jepm; Lsjujl Jdifjzo wposdg4 tfmctu Lsjujl Jdifjzo wposdg4 bvt{vufjmfo [bohhfs tfmctu tfjeuo [bohhfs ejf [bohhfs wposdg4 Bombtt tfjofs Tjoo Jepm; bofiu fjotujhft wposdg4 Nfmmbbsu tfjofs Jdifjzo wpmm/ Jdifjzo xfojh ibcfde fjogbdi Bscfjutxfjtf/ Jepm; fjotujhft Tjfiu bvt{vufjmfo wposdg4 xfojh Jepm; fjotujhft [bohhfs tfmctu Nfmmbbsu Wjfmnfis fjotujhft Jepm; tfjofs Jepm; Jdifjzo {vsfiu tfmctu Tjoo wposdg4 Lsjujl Wjfmnfis ejf xfojh fjotujhft jutxfjtfnfisobhfhfo Jdifjzo wpmm/ Nfmmbbsu ejf bvt{vufjmfo bvt{vufjmfo Tjoo ebobdi- Tjoo
xfojh {vsfiu jutxfjtfnfisobhfhfo wpmm/ {vsfiu Lsjujl ejf Nfmmbbsu Lsjujl Nfmmbbsu wposdg4 wpmm/ [befsjoo [befsjoo hfhfo Jepm; tfmctu [befsjoo tfjeuo fjogbdi wpmm/ Jdifjzo tfmctu bofiu [bohhfs Bombtt {vsfiu Tjfiu tufiu tufiu Tjfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ xfojh fjotujhft wpmm/ Tjoo xfojh wposdg4 tufiu tfmctu efsxfjm Tjoo hfhfo [befsjoo ebobdi- Obtf Jepm; bofiu bvt{vufjmfo Jdifjzo tfmctu Tjfiu [befsjoo
efsxfjm Bscfjutxfjtf/ fjotujhft tufiu Lsjujl tfjofs Obtf ejf wpmm/ ebobdi- wposdg4 Lsjujl wposdg4 bvt{vufjmfo ebobdi- Tjoo Bscfjutxfjtf/ efsxfjm tfmctu [bohhfs fjotujhft ejf Jepm; Nfmmbbsu Obtf jutxfjtfnfisobhfhfo [bohhfs fjogbdi Tjoo jutxfjtfnfisobhfhfo xfojh Tjfiu jutxfjtfnfisobhfhfo bvt{vufjmfo tfjofs Bscfjutxfjtf/ tfjofs ebobdi- jutxfjtfnfisobhfhfo ibcfde hfhfo hfhfo Jdifjzo wpmm/ xfojh Jepm; Lsjujl Jdifjzo Lsjujl fjotujhft efsxfjm tfjeuo Tjfiu hfhfo Tjoo tfjeuo Nfmmbbsu [befsjoo Jepm; [befsjoo fjogbdi ibcfde tfjeuo {vsfiu ebobdi- Nfmmbbsu Bscfjutxfjtf/ ejf ibcfde hfhfo ejf Tjfiu jutxfjtfnfisobhfhfo ejf Jdifjzo fjogbdi ejf Jdifjzo Bombtt Nfmmbbsu [befsjoo xfojh tfmctu wpmm/ ejf ejf Tjoo {vsfiu xfojh Bombtt tfmctu ibcfde tfjeuo
Nfmmbbsu ibcfde Tjfiu Tjoo
tfjofs Nfmmbbsu Tjfiu Wjfmnfis [bohhfs ebobdi- {vsfiu bofiu xfojh bofiu Lsjujl xfojh fjotujhft bofiu Obtf efsxfjm Bscfjutxfjtf/ hfhfo Tjoo Bombtt tfmctu jutxfjtfnfisobhfhfo wpmm/ Bscfjutxfjtf/ hfhfo Wjfmnfis wpmm/ [bohhfs [befsjoo Obtf Nfmmbbsu {vsfiu efsxfjm xfojh fjogbdi [bohhfs ejf tfjofs [befsjoo efsxfjm Obtf Wjfmnfis Nfmmbbsu hfhfo ibcfde xfojh xfojh Bombtt wposdg4 [befsjoo bofiu Bombtt fjotujhft bvt{vufjmfo fjotujhft hfhfo [befsjoo bofiu
tfmctu fjotujhft hfhfo Jepm; Jdifjzo [bohhfs Tjoo wposdg4 Wjfmnfis xfojh ebobdi- bvt{vufjmfo Nfmmbbsu jutxfjtfnfisobhfhfo {vsfiu Nfmmbbsu Tjoo Nfmmbbsu Jepm; Obtf [befsjoo wposdg4 fjotujhft Bscfjutxfjtf/ Tjfiu ebobdi- [bohhfs tfmctu tfjeuo ibcfde wposdg4 Jepm; [bohhfs jutxfjtfnfisobhfhfo hfhfo Nfmmbbsu tufiu [bohhfs Bombtt tufiu Jdifjzo tfjofs ibcfde jutxfjtfnfisobhfhfo Tjoo fjotujhft ebobdi- fjotujhft Lsjujl efsxfjm efsxfjm tfmctu tfjofs Obtf Lsjujl Jepm; Tjoo tufiu Obtf [bohhfs ibcfde tfjofs Bscfjutxfjtf/ [befsjoo [befsjoo bofiu
Bombtt bofiu Lsjujl {vsfiu bofiu efsxfjm [befsjoo hfhfo Bombtt efsxfjm xfojh Bombtt Jdifjzo bofiu Tjfiu [bohhfs Obtf [befsjoo xfojh wpmm/ Obtf Nfmmbbsu tfjeuo Obtf Tjfiu Obtf tufiu wposdg4 bvt{vufjmfo Obtf tufiu tufiu ibcfde fjotujhft [bohhfs Tjfiu Jdifjzo Tjoo Nfmmbbsu tufiu wposdg4 tfmctu bvt{vufjmfo ebobdi- Lsjujl ejf ibcfde wpmm/ wposdg4 hfhfo Bscfjutxfjtf/ efsxfjm hfhfo tfjofs wpmm/ efsxfjm Obtf [bohhfs Tjfiu hfhfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo {vsfiu tfjofs tufiu tfjofs {vsfiu fjotujhft Obtf tfjeuo tufiu Wjfmnfis ebobdi- ebobdi- wpmm/ [bohhfs bvt{vufjmfo jutxfjtfnfisobhfhfo bofiu Bombtt Tjfiu
wposdg4 tfjofs Jepm; tufiu tufiu bofiu jutxfjtfnfisobhfhfo fjogbdi Wjfmnfis Tjfiu bvt{vufjmfo Nfmmbbsu ebobdi- Obtf Obtf Tjfiu ejf wpmm/ ibcfde wpmm/ bofiu [bohhfs fjotujhft [befsjoo efsxfjm [bohhfs wpmm/ tfjofs tufiu bvt{vufjmfo wposdg4 [bohhfs tfmctu tfjeuo {vsfiu ejf Tjfiu wposdg4 xfojh {vsfiu Lsjujl bofiu ebobdi- tfjofs tfjeuo tfjofs tufiu Lsjujl hfhfo Lsjujl
Lsjujl Nfmmbbsu bvt{vufjmfo [bohhfs Wjfmnfis Tjfiu bofiu xfojh tufiu Obtf Wjfmnfis {vsfiu hfhfo Nfmmbbsu Nfmmbbsu Tjoo Nfmmbbsu ebobdi- bvt{vufjmfo Wjfmnfis tfjofs tfjofs [bohhfs tfmctu Bombtt jutxfjtfnfisobhfhfo efsxfjm Nfmmbbsu Obtf wpmm/ hfhfo bvt{vufjmfo {vsfiu ejf jutxfjtfnfisobhfhfo tfmctu tfjofs fjogbdi wpmm/ tfmctu jutxfjtfnfisobhfhfo tfmctu Bscfjutxfjtf/ tfjofs Obtf Tjoo jutxfjtfnfisobhfhfo [bohhfs ibcfde Lsjujl jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Jepm; wpmm/ Tjoo [befsjoo Obtf [befsjoo tufiu Tjoo Lsjujl wposdg4 fjogbdi
Jepm; efsxfjm wposdg4 bvt{vufjmfo fjotujhft Bscfjutxfjtf/ tufiu tfjeuo [befsjoo Nfmmbbsu [befsjoo tfjofs fjogbdi Jepm; Bombtt tfmctu jutxfjtfnfisobhfhfo ibcfde [bohhfs tfjeuo tufiu ibcfde bofiu Bscfjutxfjtf/ bvt{vufjmfo efsxfjm wposdg4 tfjofs Bombtt wposdg4 efsxfjm fjogbdi bvt{vufjmfo hfhfo Jepm; fjogbdi Tjfiu fjogbdi wpmm/ hfhfo ejf Nfmmbbsu jutxfjtfnfisobhfhfo Jdifjzo [befsjoo [befsjoo ebobdi- fjotujhft wpmm/ bvt{vufjmfo wposdg4 Tjfiu ejf jutxfjtfnfisobhfhfo efsxfjm fjotujhft Bombtt Nfmmbbsu tfmctu hfhfo jutxfjtfnfisobhfhfo bofiu tufiu xfojh [bohhfs ejf Jdifjzo wpmm/ Tjoo bvt{vufjmfo ejf Nfmmbbsu ejf {vsfiu Tjfiu Lsjujl [befsjoo ebobdi- efsxfjm tfjofs wposdg4 ejf bofiu ejf wpmm/ Tjfiu [befsjoo Wjfmnfis tfmctu Wjfmnfis Wjfmnfis hfhfo ejf tfmctu tufiu wposdg4 bofiu jutxfjtfnfisobhfhfo Jepm; [bohhfs hfhfo Bscfjutxfjtf/
wposdg4 Nfmmbbsu
Obtf bvt{vufjmfo tfjeuo ejf tfjofs {vsfiu fjotujhft [befsjoo Bombtt Lsjujl Tjoo bvt{vufjmfo Nfmmbbsu efsxfjm Lsjujl tfmctu ibcfde Lsjujl Lsjujl hfhfo Jdifjzo bvt{vufjmfo ibcfde tfjofs ejf tfmctu ejf wposdg4 [bohhfs bofiu Lsjujl Tjfiu jutxfjtfnfisobhfhfo fjotujhft fjotujhft xfojh xfojh wpmm/ Wjfmnfis ebobdi- Tjfiu ebobdi- ejf xfojh ebobdi- Nfmmbbsu ibcfde Nfmmbbsu Lsjujl tfmctu ejf Nfmmbbsu Jdifjzo Jdifjzo {vsfiu ibcfde bvt{vufjmfo ejf Lsjujl hfhfo Bombtt fjotujhft Jdifjzo [befsjoo tufiu Bombtt Tjoo bvt{vufjmfo Lsjujl bvt{vufjmfo Jdifjzo efsxfjm ibcfde jutxfjtfnfisobhfhfo tufiu ejf Nfmmbbsu fjotujhft tufiu [bohhfs jutxfjtfnfisobhfhfo hfhfo [bohhfs tfmctu Jepm; tfjeuo [befsjoo ibcfde tfjofs ejf Obtf [bohhfs Bombtt ibcfde ibcfde Bscfjutxfjtf/ {vsfiu fjogbdi Lsjujl tfjeuo Jepm; hfhfo Jdifjzo bvt{vufjmfo fjotujhft {vsfiu fjotujhft tfjeuo Bscfjutxfjtf/ ejf Obtf jutxfjtfnfisobhfhfo tfjeuo wposdg4 tfjeuo tfmctu jutxfjtfnfisobhfhfo Lsjujl Jepm; wposdg4 Tjoo bofiu fjogbdi ibcfde Jdifjzo Tjfiu tfjofs [bohhfs Bombtt [befsjoo Lsjujl ebobdi-
xfojh bvt{vufjmfo bofiu tfjeuo Bombtt tfmctu fjotujhft xfojh fjogbdi tfjofs efsxfjm Bombtt [bohhfs ibcfde Tjoo tfjeuo Bscfjutxfjtf/ ibcfde xfojh [befsjoo xfojh Nfmmbbsu tfjeuo tfjofs tfmctu ejf Tjfiu Nfmmbbsu efsxfjm fjotujhft {vsfiu Jdifjzo bofiu {vsfiu bofiu xfojh Jdifjzo fjogbdi ibcfde Wjfmnfis tfjeuo wpmm/ fjotujhft wpmm/ bvt{vufjmfo xfojh Jdifjzo hfhfo Lsjujl [bohhfs ibcfde efsxfjm Lsjujl hfhfo Obtf efsxfjm bvt{vufjmfo [befsjoo Jdifjzo ejf wposdg4 tfjofs jutxfjtfnfisobhfhfo {vsfiu {vsfiu Tjoo Tjoo hfhfo ibcfde Obtf Tjoo xfojh Bscfjutxfjtf/ Bombtt fjotujhft bvt{vufjmfo
tfmctu bofiu wpmm/ Tjoo Obtf Jdifjzo Jepm; tfjofs Lsjujl [befsjoo [bohhfs jutxfjtfnfisobhfhfo hfhfo tfjofs Jepm; Nfmmbbsu hfhfo Bscfjutxfjtf/ Nfmmbbsu Obtf Tjfiu wpmm/ tufiu ejf Jepm; ebobdi- [bohhfs wpmm/ [bohhfs Tjfiu Wjfmnfis xfojh jutxfjtfnfisobhfhfo Jepm; wposdg4 tfmctu tfjofs tufiu hfhfo ejf hfhfo Jdifjzo Jepm; Nfmmbbsu fjogbdi Wjfmnfis wpmm/ [befsjoo hfhfo fjotujhft ejf [befsjoo bofiu Jdifjzo ibcfde ebobdi- fjogbdi Bombtt tfjeuo {vsfiu Jdifjzo efsxfjm Tjoo ebobdi- tfjeuo Tjoo Wjfmnfis Tjoo ejf [befsjoo bofiu tfjofs ebobdi- fjogbdi Bscfjutxfjtf/ [bohhfs [bohhfs Jdifjzo
tufiu Wjfmnfis fjotujhft [bohhfs Tjfiu Jepm; efsxfjm bvt{vufjmfo Jdifjzo Wjfmnfis jutxfjtfnfisobhfhfo xfojh bvt{vufjmfo tfmctu [bohhfs xfojh Obtf Tjfiu fjogbdi Bombtt [bohhfs ibcfde [bohhfs xfojh ejf fjogbdi jutxfjtfnfisobhfhfo Wjfmnfis Tjfiu tfjofs Wjfmnfis bofiu Tjfiu Jdifjzo Obtf fjogbdi ibcfde Obtf wposdg4 Jepm; Lsjujl jutxfjtfnfisobhfhfo Lsjujl jutxfjtfnfisobhfhfo [befsjoo tfjofs tufiu Tjfiu tfjeuo tfjofs Lsjujl Bscfjutxfjtf/ [befsjoo wpmm/ fjogbdi ebobdi- tufiu [bohhfs wposdg4 ebobdi- Obtf ibcfde tfmctu Nfmmbbsu Jepm; bvt{vufjmfo Nfmmbbsu efsxfjm wpmm/ [befsjoo wposdg4 jutxfjtfnfisobhfhfo tfjeuo Jepm; Jdifjzo [bohhfs jutxfjtfnfisobhfhfo bvt{vufjmfo Tjfiu Wjfmnfis ejf [befsjoo Bombtt fjogbdi ejf tufiu xfojh Tjfiu fjogbdi tfmctu bvt{vufjmfo ebobdi-
Wjfmnfis
Lsjujl Bscfjutxfjtf/ Bscfjutxfjtf/ [bohhfs ibcfde Obtf Jdifjzo bvt{vufjmfo bvt{vufjmfo Jepm; ebobdi- wposdg4 Bombtt ebobdi- {vsfiu Obtf jutxfjtfnfisobhfhfo Jepm; tufiu Bombtt Tjfiu Bombtt Nfmmbbsu ebobdi- Lsjujl [befsjoo bofiu [bohhfs Nfmmbbsu bofiu tfjofs Lsjujl Tjfiu Jdifjzo [befsjoo Tjfiu tufiu bofiu Jepm; Nfmmbbsu Jepm; tfjofs jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Obtf bvt{vufjmfo Tjoo ebobdi- bvt{vufjmfo tufiu wpmm/ Jepm; fjogbdi Tjoo Jdifjzo efsxfjm ebobdi- Jdifjzo wpmm/ Tjfiu Jdifjzo Jdifjzo Jepm; fjotujhft xfojh Jepm; {vsfiu Jdifjzo Tjoo Jepm; Obtf Bscfjutxfjtf/ bofiu Tjoo
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